Happy Graduation! Now..uh…good luck?

Mish Shedlock reports that job prospects for last year’s grads are about to get worse as 2010 graduates join the growing pool of unemployed young people:

The 2009 college graduates still without a job are in deep trouble as a wave of 2010 grads is on the way….“More so in the last year to 18 months than at any time, we have seen applicants from prior graduating classes looking for the kind of entry-level jobs we’re recruiting for,” said Dan Black, director of campus recruiting for Ernst & Young LLP, a professional-services firm headquartered in New York. “There are a lot more cohorts competing with each other: ‘09 with ‘10, probably ‘10 with ‘11.”

Unemployment among people under 25 years old was 19.6 percent in April, the highest level since the Labor Department began tracking the data in 1948.

I’ve been fortunate enough to remain employed since I graduated last May, but a number of people I know from college are still working part time jobs and/or living at home.  19.6% is a scary figure, especially as the unemployment rate seems to show little sign of improvement.  Not surprisingly, the administration’s proposals to fix the situation don’t sound promising:  The president “wants to fight this with more college grants as if sending more people to college is a cure for a glut of grads without job prospects.”  Yeah, that totally makes sense…

Cross-posted here.

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